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Josh Wolfe Profile picture
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29 Oct, 8 tweets, 5 min read
1/ Triple news at Lux—🙌📈📈📈🙌

Deeply deserved promotions to...

@BrandonReeves08
—Lux's newest PARTNER!

Brandon hunts for innovations in open source infrastructure, data + ML applications—and tech disrupting antiquated x regulated industries...

He led Lux investments...
2/ investments in
@chronosphereio
(genius eng team from Uber)

@huggingface 🤗
(Brilliant breakthrough PhDs in NLP)

@benchling 🧪
(Incredible team revolutionizing software + infrastructure for how science is done)...
3/ Plus @BrandonReeves08 also led

@anchorage (crypto)
@fiddlerlabs (explainable AI) @OasisLabs (data tools)
@ElektraLabs (digitally connected health)
@TectonAI (ML tools)

And helped lead Lux investments in @Anduril and @ApppliedInt
4/ before Lux, Brandon

-was investment team at Capricorn Investment Group in Palo Alto
-worked at Texas Instruments as a Field Applications Engineer supporting Tesla Motors 😱

-He earned his degree in Electrical Engineering from the University of Central Florida + MBA from HBS
5/ HUGE congrats to our newest PRINCIPAL—Alex "Big Al" Nguyen
@alxandernguyen !

Alex has helped lead Lux's capital formation, working with our valued LPs—

ranging from mission-aligned foundations and university endowments to children’s hospitals and scientific institutions...
6/A Yale alum, Alex is a poet (having won slam competitions) was Class Speaker during graduation + won tons of awards for intellectual distinction, character, and loyalty.

He's part of The Explorer’s Club in NYC and helps lead helping NY chapter of Emerging Venture Capitalists
7/ And we also welcome our first Chief Marketing Officer —Scott Rubin!

Most recently running brand, creative and comms at Atlassian—he was CMO at Tanium and before that partner at a16z AND global head of corporate communications at Google!

Wow and welcome Scott!
8/ Full announcement and more here

medium.com/lux-capital/lu…

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More from @wolfejosh

Josh Wolfe Profile picture
28 Oct
1/ The eventual reversion + shift
from GROWTH to VALUE
will take a while––

but I see ONE key catalyst:
a series of AOL/TimeWarner-like deals.

where smaller (more highly valued growth stock currency) consumes larger (cheaper cash-generating value biz’s, deemed in decline)...
2/ It will post facto finally bring reward to VALUE investors––

(who are facing growing, classic, end-of-cycle claims of the death of their strategy; from fund shutdowns to questioning Buffet to Damodoran as apologist)

––NOT because market sees the value they do...
3/ But IN SPITE of it––

as the market will have created crazy HIGH valuations of bad businesses that will buy good businesses at crazy LOW valuations

That will
1. put VALUE back in vogue
2. create tremendous SHORT opps as the combos fail
(but are good for book publishers)...
Read 5 tweets
Josh Wolfe Profile picture
27 Oct
1/ We’re pleased to unveil Lux’s NEWEST investment vehicle

Lux Health Tech Acquisition Corp
a $300M special purpose acquisition company

which begins publicly trading on the Nasdaq [LUXAU] this morning...
2/ We formed Lux Health Tech

for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses at the intersection of the healthcare and technology industries...
3/ In PLAIN SPEAK:

we believe the time is now to take public and build generational technology companies that will have a profound positive impact on healthcare.
Read 9 tweets
Josh Wolfe Profile picture
20 Oct
1/ This was SHOCKING to me.

Do you love chocolate (Y/N)?
2/ Does the delicious taste of sweet chocolate exceed the bitter truth of supporting enslaved child labor of kids under 12 in Ghana or Ivory Coast picking cocoa beans that make chocolate?

(Y/N)?
3/ Most alarming was how easy it was for me to flip past this article in today’s @washingtonpost––while i LITERALLY bit into chocolate 🍫and sipped my morning coffee☕️

And then flipped back––startled by easy complacent ignorance.

WHOA.
Read 5 tweets
Josh Wolfe Profile picture
13 Oct
1/ I have no idea if the current zeitgeist lasts
2 days, 2 weeks, 2 months or 2 years.

I can argue the case for lasting longer than anyone thinks it ought––and why it may run shorter.

For why longer:
Record inflows from retail––“across the board”––in US, Europe, Asia...
2/ Beyond RobinHood or TradeRepublic or TikTok fast-money option speculators––with 0% rates–––“GROWTH” is what is demanded.

And
-with SPACs able to give proforma ‘forward guidance’ in ways IPOs couldnt
-and a dollar in 2025+ = to a dollar TODAY

Valuations continue to rise...
3/ SPACs themselves may be akin to late 1980s Junk Bonds when Milken took a once backwater asset and legitimized them through combo of academic + portfolio theory––

unleashing vast capital formation + wealth creation––until like all good things––it was taken to excess....
Read 11 tweets
Josh Wolfe Profile picture
10 Oct
1/ The shift from mostly INDIVIDUAL retail investors to concentrated institutional over last two generations––and the growing shift back to INDIVIDUAL retail investors

is underappreciated strutural phenom of inflows/outflows

We make fun of the RobinHood, TradeRepublic...
2/ And the vast majority of them will LOSE their money and GAIN experience––

and get exploited by more cunning investors + mgmt teams
(front-running quants, huckster CEOs)

But the capital formation it is fueling + will fuel (at a time of already low rates) is scary large...
3/ Consider ANT Financial

China funds raised just for the IPO sold out in days––raising $9 billion from 10 million RETAIL INVESTORS.

Many institutions wouldnt touch this company for gigantic glaring interparty + accounting issues.

But ANT will get to keep the money.
Read 5 tweets
Josh Wolfe Profile picture
5 Oct
1/ Announcing something NEW @ Lux.

We are committing very big money
to a very big opportunity ahead.

(Led by my brilliant partner + cofounder @peterjhebert)

Here's what + here's why👇👇👇 Image
2/ We will be investing a BIG part of $1B of newly raised capital at the intersection of a HEALTH + TECH megatrend.

Forget buzzwords of "AI & machine learning, robotics + automation + machine vision"

––they only matter if they enable attractive high-growth business models...
3/ Here's WHY––

Today' medtech industry hasn't kept pace with the rate of innovation + value creation of TECH companies

VC-backed medtech has produced only a HANDFUL of innovative companies with large cap valuations since the turn of this century...
Read 12 tweets

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